Yahoo! Japan is said to be entering the cryptocurrency markets by launching its own FSA approved cryptocurrency exchange. The Yahoo Japan Corporation is a subsidiary of Yahoo! and SoftBank Group.
The announcement was made by Asia Nikkei, stating the company will first acquire 40% share of BitARG Exchange (a Japanese FSA licensed exchange) next month, then build their own exchange on top of the BitARG platform by April 2019. The acquisition is said to cost Yahoo Japan $19 million.
It is said that all future plans on the acquisition and launching of Yahoo Japan’s new exchange have been reported and registered with Japan’s FSA (Financial Services Agency).
The news of Yahoo Japan’s plans follows yesterday’s FSA related headliner news where Nikkei accused popular exchange Binance of receiving a cease and desist from Japan’s FSA for not being properly registered to do business in Japan.
Controversy surrounded the news story as Binance’s CEO, CZ, appeared to receive notice from the FSA after Nikkei received news from their source. Today’s Yahoo Japan news may be going down the same path as BitARG (which seems to be inactive at the moment) has left an announcement on their website stating all though there have been talks surrounding the acquisition as well as other partnerships, no official deal has been confirmed.
It is unclear how and where Nikkei is getting news before the companies involved are aware or confirm. BitARG’s statement says they will give an update as soon as a deal with Yahoo Japan or any other company is officially made.